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Immucor gets tenders for 88.2% of 11 1/8% notes, Citi to participate
New York, July 19 – Immucor, Inc. said it received tenders for $352,862,000, or 88.2%, in its offer to exchange up to $390 million of its $400 million of outstanding 11 1/8% notes due 2019.
Citigroup Global Markets Inc. has agreed to purchase a further $37,138,000 of the new notes being offered in the exchange, and Immucor will use the proceeds of those notes to redeem an equal principal amount of the existing notes.
The final $10 million of existing notes will be redeemed using borrowings from the company’s credit facility, according to a news release.
On the settlement date of July 20, Immucor plans to deliver $352,862,000 of new 11 1/8% senior notes due 2022 to holders who took part in the exchange. It will also pay accrued interest up to but excluding the settlement date.
Immucor announced the exchange on June 19.
It said holders of about 71% of the outstanding principal amount of the existing notes signed on to a support agreement to tender their notes under the offer.
Citigroup agreed – subject to some conditions, including consummation of the exchange offer – to purchase an amount of new notes equal to the amount of old notes not exchanged in the exchange offer, up to $116 million. The proceeds of those new notes will be used to redeem any unexchanged old notes in full.
The exchange offer ended at 11:59 p.m. ET on July 17. It was conducted under Rule 144A and Regulation S.
Global Bondholder Services Corp. (866 470-3800, 212 430-3774 or contact@gbsc-usa.com) is the information agent.
Immucor is a Norcross, Ga.-based provider of automated instrument-reagent systems to the blood transfusion industry.
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